Florida Statutes 288.095 – Economic Development Trust Fund
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(1) The Economic Development Trust Fund is created within the department. Moneys deposited into the fund must be used only to support the authorized activities and operations of the department.
(2) There is created, within the Economic Development Trust Fund, the Economic Development Incentives Account. The Economic Development Incentives Account consists of moneys appropriated to the account for purposes of the tax incentives programs authorized under s. 288.107 and former s. 288.106, and local financial support provided under former s. 288.106. Moneys in the Economic Development Incentives Account shall be subject to the provisions of s. 216.301(1)(a).
(3)(a) The total state share of tax refund payments may not exceed $35 million.
Terms Used In Florida Statutes 288.095
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Department: means the Department of Economic Opportunity. See Florida Statutes 288.005
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) The total amount of tax refund claims approved for payment by the department based on actual project performance may not exceed the amount appropriated to the Economic Development Incentives Account for such purposes for the fiscal year. Claims for tax refunds under s. 288.107 and former ss. 288.1045 and 288.106 shall be paid in the order the claims are approved by the department. In the event the Legislature does not appropriate an amount sufficient to satisfy the tax refunds under s. 288.107 and former s. 288.106 in a fiscal year, the department shall pay the tax refunds from the appropriation for the following fiscal year. By March 1 of each year, the department shall notify the legislative appropriations committees of the Senate and House of Representatives of any anticipated shortfall in the amount of funds needed to satisfy claims for tax refunds from the appropriation for the current fiscal year.
(c) Moneys in the Economic Development Incentives Account may be used only to pay tax refunds and make other payments authorized under s. 288.107 or in agreements authorized under former s. 288.106. The department shall report within 10 days after the end of each quarter to the Office of Policy and Budget in the Executive Officer of the Governor, the chair of the Senate Appropriations Committee or its successor, and the chair of the House of Representatives Appropriations Committee or its successor regarding the status of payments made for all economic development programs administered by the department under this chapter, including s. 288.107 and 1former ss. 288.106 and 288.108.
(d) The department may adopt rules necessary to carry out this subsection, including rules providing for the use of moneys in the Economic Development Incentives Account and for the administration of the Economic Development Incentives Account.
(4) The department shall create a separate account for funds transferred from the former Enterprise Florida, Inc., held for payments for agreements under the Quick Action Closing Fund under former s. 288.1088 or the Innovation Incentive Program under former s. 288.1089. The department shall report within 10 days after the end of each quarter to the Office of Policy and Budget in the Executive Office of the Governor, the chair of the Senate Appropriations Committee or its successor, and the chair of the House of Representatives Appropriations Committee or its successor regarding all escrow activity relating to both programs, including payments made pursuant to confirmed performance under the remaining contracts, payments returned to the state due to noncompliance, and contracts terminated due to noncompliance. The department must transfer to the General Revenue Fund any payments returned to the state, either returned by the recipient or through action by the department to administratively or otherwise legally obtain repayment of funds, and any funds associated with terminated contracts.